Liberals are pouncing on Trump’s taxes after the New York Times released what liberals are claiming to be a bombshell. What did they show? That Trump suffered a massive net loss on his investments in 1996, declaring a $995 million loss as his net income.
What this means is that the loss can be carried over to future years on Trump’s taxes. For instance, if he earned $500 million the next year, and $500 million the year after that, he’d only be taxed on $5 million of it (995 million minus 1 million, equaling taxable income of 5 million). Hillary Clinton and the Times have seized on this to claim that Trump isn’t paying taxes, which is why he hasn’t released his tax returns).
Trump "apparently got to avoid paying taxes for nearly two decades—while tens of millions of working families paid theirs." pic.twitter.com/g62jB9fKr5
— Hillary Clinton (@HillaryClinton) October 2, 2016
Considering that Trump’s net worth has increased drastically from negative territory in the late nineties to at least $4 billion today, any liberals claiming that this means Trump isn’t paying any federal taxes (like the Times), don’t have a case, as Trump’s net worth could be, at maximum, $995 million before he would’ve started paying taxes.
So for starters, those accounting laws that allow Trump to carry over those losses were signed into law by Bill Clinton. Second, both Hillary Clinton and the New York Times have taken advantage of them.
A look back at Hillary Clinton’s tax returns from 2015, proudly displayed by the campaign proving she has nothing to hide – shows something awkward on page 17…
While not on the scale of Trump’s business “operating loss”, Hillary Clinton – like many ‘wealthy’ individuals is taking advantage of a legal scheme to use historical losses to avoid paying current taxes.
The NYT itself is also perfectly happy to take advantage of the US tax to minimize the amount of money it pays to the government: in 2014 the company got a tax refund of $3.6 million despite having a $29.9 million pretax profit, an effective negative tax rate for 2014, which it explained was favorably affected by approximately $21.1 million for the reversal of reserves for uncertain tax positions due to the lapse of applicable statutes of limitations.
If she wants to attack Trump for utilizing the tax code legally, she’s just as “guilty.”
H/T Zero Hedge
Get the word out – share this post on Facebook and Twitter.
And if you want to see Hillary go to prison make sure to LIKE our Facebook page!